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Interest rates of 30-year fixed-rate mortgages remained flat this week, according to Freddie Mac, at 4.96 percent. This figure is up just .01 percent over the previous week and .02 percent over the same week a year earlier. Frank Nothaft, vice president and chief economist with Freddie Mac, said today that the residential market nationwide is slowly finding its footing. “With house prices starting to stabilize and even rise, homeowners on aggregate are slowly building back equity in their homes based on figures from the Federal Reserve Board,” Nothaft said. Freddie Mac also announced today the formation of Structured Pass-Through Certificates, a type of multi-family mortgage-backed securities intended to “provide liquidity, stability and affordability to the nations multi-family housing market,” a statement said. The securities are likely to price on March 25 and settle on April 6. TRD
Israeli bistro café Aroma Espresso Bar is planning a new 3,000-square-foot indoor and outdoor space in the Shops of St.Tropez in Sunny Isles Beach, and a grand opening is scheduled for next month, according to the property owner. Aroma will be among the first tenants to open shop at the 28,000-square-foot retail mall, which was built along with the three, luxury St. Tropez condominium towers nearby. The restaurant, designed by Studio Gaia with green-certified interior fixtures, will serve baked pastries, sandiwches, salads, beer and wine. Aroma has more than 90 branches in Israel, as well as outposts in Toronto and New York City. TRD
Seacoast National Bank has sold off the foreclosed BB&T Bank Building at 140 N. Federal Highway in Boca Raton for $2.9 million, or roughly $383 a foot, according to CB Richard Ellis, which brokered the transaction. The buyer, a limited liability corporation called 140 N. Federal Highway LLC, is expected to move in this year. The 7,580-square-foot building currently houses BB&T Bank, which took on the 4-and-a-half years remaining in former tenant Colonial Bank's lease. TRD
The state of Florida spent $250 million in 2003 on rock pits that a Palm Beach mining company, Palm Beach Aggregates, sold as reservoirs. Now there are reports that water from the pits is environmentally risky, and it could be years before they are actually tapped, according to a report by the U.S. Army Corps of Engineers, which forecasts delivery by 2020 at the earliest. Before the original deal, proponents worked, successfully, to include the pits as part of Everglades renewal. But that work, along with other plans to use the pits, even for proposals unrelated to drinking water, is on hold. [Palm Beach Post]
In February, 48 percent of Florida's residential mortgages were underwater, meaning more money is owed on them than the properties are worth. 2.2 million of 4.5 million residential mortgages in the state fit this description, with another 171,710 heading in that direction. According to the report by California-based First American CoreLogic, the national rate is closer to 24 percent. Florida is surpassed in this category only by Nevada and Arizona. [Real Estate Channel]
The Coconut Grove business improvement district is one group trying to turn the fortunes of Coconut Grove, once-bustling but now working to surive, as competition from Miracle Mile, downtown Brickell and other areas has put the area in tough times. Some hope exists: the Grove's large public space, the outdoor mall called CocoWalk, has reached a deal to suspend foreclosure proceedings against it, according to owner Michael Ehrenstein. There are also several new projects underway -- one is a Muvico movie theater to replace the former AMC inside CocoWalk, which could be open by late spring. A new restaurant, Lulu, will open in the same time period. One problem is that rents in the Grove grew excessive, something that is now correcting itself in the downturn. [Miami Herald]
Broward County will experience a higher vacancy rate and lower rent prices in 2010, according to a new report by Marcus & Millichap. The report forecasts that Broward will get around 800,000 square feet of new construction in the retail market, including the 600,000-square-foot Village at Gulfstream Park. This would represent a 300,000-square-foot increase over construction delivery in 2009. The report also predicts that asking rents will fall to $17.91 per square foot, with vacancy rising to 13.2 percent. Because many neighborhood commercial districts focus on grocery stores, their performance will suffer due to unemployment and the housing market. TRD
Two bills that would invest in Florida's port system are now in the Florida House of Representatives, and Governor Charlie Crist is working to get them passed. One would focus on commercial port activity; the other, the Florida Ports Investment Act, would emphasize port infrastructure and look to generate income from investment by insurance companies. The latter would also create a non-profit corporation to use voluntary funds to invest in port projects. A report last week showed increased export activity at Miami and Fort Lauderdale ports was having a positive effect on local industrial vacancy. [SFBJ]
1.Everglades deal the right one for Florida [NYT] 2. A completely outdoor spa in Miami Beach [Urban Daddy] 3. Guilty pleas for Miami Shores land schemers[Mortgage Fraud Blog] 4. BankAtlantic stock rises 26 percent[SFBJ] 5. Boca's Bridge Hotel gets its turtle back[Sun Sentinel] 6. Oxygen seeks $2.9 million more from HUD [SFBJ] 7.89th birthday for Testa's Restaurant in Palm Beach [Palm Beach Daily News] 8. St. Joe moves headquarters to Panama City[Times-Union] 9. Two-year wait for refund on property tax over-assessments[Miami Today] 10. $11.8 million foreclosure in downtown Fort Myers [News-Press]
The South Florida home to see the biggest price cut today is a six-bedroom, eight-and-a-half bathroom house at 3903 Island Estates Drive in Aventura, according to data from Condo Vultures Realty. The $5.35 million Miami-Dade County home saw a $550,000, or 9 percent, price cut. It was originally listed for $5.9 million when it hit the market in September 2009. The waterfront home sits on a 13,081-square-foot lot in a private island community and has hurricane impact windows, an elevator, fountain, fireplace, outdoor kitchen, heated pool and spa. Scott Patterson of Esslinger-Wooten-Maxwell has the listing. (Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.) TRD
Dubai World and Turnberry Ltd. may retain control of the Fontainebleau Miami, according to a report in the Wall Street Journal. Holders of the $620 million construction loan on the property could soon approve a proposal that would inject $100 million into the hotel. According to the terms of the deal, the new equity would come from Dubai World and Turnberry, and the loan would be extended until 2016. Turnberry's Jeffrey Soffer began a $500 million renovation of the hotel in 2005, but lost the Las Vegas Fontainebleau earlier this year in bankruptcy proceedings. [WSJ]
Economic power player Nouriel Roubini, of Roubini Global Economics, appeared on CNBC’s Squawk Box yesterday with Paul Britton, founder and CEO of Capstone Holdings, to discuss the stability of the U.S. economy. “A lot of the volatility has been repressed,” Roubini said. “Once the policy stimulus goes away we’ll have to see whether there’s enough robustness in private demand to have a sustained economic recovery. I’m skeptical.” Britton said he worries that policy decision in the near future will wind up being good for politics and bad for the economy. He said the mid-term elections in November and the campaigns leading up to them will each have a major impact on economic markets nationwide.
Simon Property Group is reportedly ready to up the ante in its bid to buy out rival shopping mall owner General Growth Properties over its competitors. General Growth, which owns Mizner Park in Boca Raton, filed for the biggest real estate bankruptcy in U.S. history last year with $27 billion in debt. Simon had offered
$10 billion, or $9 per share, to buy out its bankrupt rival last month, but General Growth reportedly balked at what it said was a low-ball offer. Meanwhile, General Growth has praised another $2.5 billion offer from Brookfield Asset Management
that amounts to $15 per share. The deal, which is pending bankruptcy court approval, would also split the company in two and give Brookfield a 30 percent stake. Simon’s new offer for more than $15 per share could come as early as this week, the Associated Press reported. [AP via Crain’s]
Mortgage applications fell by 1.9 percent for the week that ended March 12, ending a two-week uptick in loan volume, according to data from the Mortgage Bankers Association released today. Refinancing applications were down 1.7 percent from the week earlier, while applications for purchases dropped 2.3 percent. The market share of adjustable-rate mortgages fell to 4.6 percent from 5.1 percent of total applications in the week-ago period. Refinancings accounted for 67.3 percent of mortgage activity, up slightly from 67.2 percent during the week before. Meanwhile, the average contract interest rate for 30-year fixed-rate mortgages decreased from 5.01 percent to 4.91 percent, its lowest rate since mid-December 2009. The increase in points from 0.82 to 1.30 during the week, however, meant the effective interest rate was unchanged. The average interest rate for the 15-year fixed-rate mortgage also hit a record-low 4.24 percent, down from 4.32 percent one week ago, but since points increased from 0.88 to 1.47, the effective interest rate was up over last week. TRD
For the second time in seven weeks, a federal judge in New York state has sided with a developer against buyers of condominium units who tried to use the Interstate Land Sales Full Disclosure Act, or ILSA, to cancel contracts and get deposits back. A judge in Brooklyn federal court ruled in favor of the developer of One Hunters Point in Long Island City, against eight plaintiffs who had given over $563,285 in deposits, a decision filed March 12 shows. In the previous case in January, for the first time in 20 years in New York, a federal judge ruled on an ILSA case. In that case, a Manhattan judge sided with Uptown Partners' 5th on the Park against two buyers who wanted to get their deposits back at the Harlem project. ILSA decisions are closely watched by developers and buyers who are looking at these early cases as harbingers for how the dozens of pending cases in New York City will turn out. In the Long Island City case, the plaintiffs last year sued Joseph Simone, president of builder Simone Development; as well as the project’s sponsor Borden East River Realty, at the 132-unit Long Island City project at 5-49 Borden Avenue.
